The American Insurance Association (AIA) and the Property Casualty Insurers Association of America (PCI) issued a letter to state insurance commissioners responding to the Consumer Federation of America (CFA) and the Center for Economic Justice’s (CEJ) claims about the federal Tax Cut and Jobs Act and how it may impact insurance rates.
In a letter sent January 23 to each state insurance commissioner, CFA and CEJ raised the issue of increased profits flowing to insurance companies from lower taxes. The groups explained that, absent action by state insurance regulators to force insurers to lower rates, the tax-related profit windfall
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